Firstsource
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Public: : FSL |
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| Industry | Business process management |
| Founded | 2001 |
| Headquarters | Mumbai, Maharashtra, India |
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Key people
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Sanjiv Goenka (Executive Chairman) Rajesh Subramaniam (CEO & MD) |
| Services | Business process outsourcing, knowledge process outsourcing |
| Revenue | ₹32,303million (US$328million) (2016) |
| ₹2,650million (US$497million) (2016) | |
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Number of employees
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23,900+ (2016) |
| Parent | RP-Sanjiv Goenka Group |
| Website | www.firstsource.com |
Firstsource Solutions Limited is a provider of business process outsourcing services headquartered in Mumbai, India. It is owned by RP-Sanjiv Goenka Group. Firstsource provides customized business process management to customers in the banking and financial services, customer services, telecom and media, and healthcare sectors. Its clients include Fortune 500 financial services, telecommunications and healthcare companies. Firstsource has operations in India, US, Ireland, UK, and Philippines.
Firstsource started its operations in 2001 as ICICI InfoTech Upstream Ltd, a business process outsourcing organisation wholly owned by ICICI Bank, India’s largest private financial services organisation. Its name was changed to Firstsource Solutions Limited in 2006 and in 2007 became a public company listed on the Indian Stock Exchange. Through organic growth and acquisitions alike, it has established itself in the Telecom & Media, Banking & Financial Services, Insurance and Healthcare (Payer and Provider) industry verticals. Currently it delivers Customer Management, Transaction Processing and Collections Management services from centers in the UK, US, Philippines, India and Sri Lanka.
Firstsource is a part of the RP Sanjiv Goenka group, a £1.21 billion conglomerate. All Firstsource group entities operate independently and the accounts are consolidated at a group level. The RP-Sanjiv Goenka Group owns close to 56% shares of Firstsource through a subsidiary.
Firstsource made a public offer in February 2007 and was listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India on February 22, 2007. The public issue was for 69,300,000 equity Shares of Rs.10 each for cash at a price of Rs.64 per equity share (which includes a share premium of Rs.54 per equity share), aggregating Rs. 4,435.2 million. The issue has received 358,329 applications for 3,417,911,555 equity shares, resulting in 49.32 times subscription.
Major shareholders in Firstsource include Spen Liq Private Limited, a wholly owned subsidiary of CESC Limited (55.54%), ICICI Bank Limited (4.76%), Rakesh Jhunjhunwala (3.49%), Steinberg India Emerging Opportunities Fund Limited (1.75%), Goldman Sachs India Fund Limited (2.75%), and Remaining 31.71% of shareholding is widely held among Financial Institutions, Public and Mutual Funds.
Firstsource operates in various geographies through its overseas subsidiaries and branch offices. As on March 2015, the company had 12 subsidiaries. The below list includes parent, sister, holding and associated company relationships, joint ventures and other affiliated companies.
Firstsource further expanded with the acquisition of ISGN in 2016. ISGN is a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry. The BPO division provides Origination, Servicing, Title and Valuation Services to many banks and non-bank lenders in the US. The division employs over 700 employees working out of 2 locations in the US and 1 location in India who have now become a part of the Firstsource group.
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